Yet another private equity outfit all set to splash the cash on buying up some music rights? Oh yes! Domain Capital Group announced earlier this week an all new $700 million fund that will specifically invest in the entertainment industry, and which is now seeking acquisitions in film, TV and music.
In music, Domain recently partnered with Sony Music Publishing to acquire the existing and future song rights of country songwriter Ashley Gorley. It remains to be seen how many of its future acquisitions are music centric. Domain also says that - as well as buying up existing catalogues - the new fund will be investing in ventures that support the creation of new content.
Says Domain Capital Group Executive MD Anthony Tittanegro: “We are excited to launch our first diversified private entertainment royalty fund. At a time of sustained entertainment industry growth supported by an ever-evolving landscape of distribution channels, we are focused on building a diversified asset-base to generate cash yield and help maintain our investors’ capital".
The firm's MD Of Media, Entertainment And Technology, Pete Chiappetta, adds: "We believe in the long-term value of these assets and are purposeful about each investment and its connection to the creator as well as our broader portfolio. We consider this a structurally creative and flexible approach to achieve our investment goals while also meeting the needs of our transaction partners".